- After gains on Wall Street, stock markets in Europe open higher, despite slightly weaker sentiment in Asia
- Slightly stronger German industrial orders data, surprising decline in France
- Less busy 'macro' calendar; Eurozone retail sales, claims, trade balance and Challenger report from the US
Today's investor sentiment is positive, as reflected in the EURUSD, which is trading up 0.3% today despite the lack of significant fundamentals supporting a strengthening of the euro. Today's macro calendar is fairly light, with no readings of the importance of yesterday's ISM data from the US. Germany's industrial orders fell -1.5% m/m, the market was expecting a -2% drop; the data came out slightly better, but still weak and the dominant narrative does not change; Germany's economy has seriously slowed down and the problem seems to be getting worse. Constructive PMIs from Europe performed very poorly; in Germany, the reading indicated 38 versus 42 previously. Investors will be watching oil closely, which may react to reports from today's OPEC+ conference.
Economic calendar
7:45 AM GMT French industrial production for November: -0.1% m/m vs. 0.3% forecast and -0.9% previously
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Open account Try demo Download mobile app Download mobile app10 AM GMT Eurozone retail sales for October: forecast 1.7% vs. 2.9% previously
- Retail sales m/m -0.3% vs 0.5% previously
11:30 AM GMT OPEC+ oil producers meeting
12:30 PM GMT Challenger report (U.S. lay-offs): previously 55k.
1:30 PM GMT US trade balance: forecast -$75 billion vs -$85 billion previously
1:30 PM GMT US unemployment claims: forecast 215k vs. 213k previously
3:30 PM GMT Change in US gas inventories according to EIA: -36 billion cubic feet (bcf) vs. 2 billion bcf previously
Central bankers speeches
- 10 AM GMT - ECB Vujcic
- 4:30 PM GMT - Fed Barkin
- 5 PM GMT - BoE Greene
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